The statement from Qatar’s energy minister on Monday caught many by surprise: His country will withdraw from the OPEC cartel effective January 1, 2019.

OPEC's influence in the global oil markets continues to fade.

OPEC members said they would do whatever it takes to balance the oil market in the face of increasing U.S. production.

As world oil demand slows, U.S. producers are still pumping oil, which will likely cause prices to continue to drop.

Increasing production from the U.S. oil patch is having global ramifications.

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